Assortment of 18 Lots on One Block Asks $40 Million in Kensington
A group of 18 properties in Ditmas Park Kensington called the Coney Island Portfolio is for sale for $40,000,000. The lots are located on one block between Coney Island Avenue, Cortelyou Road, East 9th Street and Ditmas Avenue, with most of the lots fronting Coney Island Avenue. Just six blocks away from the Q train…
A group of 18 properties in Ditmas Park Kensington called the Coney Island Portfolio is for sale for $40,000,000. The lots are located on one block between Coney Island Avenue, Cortelyou Road, East 9th Street and Ditmas Avenue, with most of the lots fronting Coney Island Avenue.
Just six blocks away from the Q train and close to a commercial strip on Cortelyou, “this portfolio presents significant development potential,” said Massey Knakal, which is marketing the parcel.
The properties include mixed-use buildings, multi-family walkups, garages, warehouses, empty lots and parking lots. The size of all the lots put together equals about 78,011 square feet. (The ask is about $513 per square foot.) There are 135,000 buildable square feet for commercial purposes, plus 298,000 buildable square feet for community facilities. The Real Deal was the first to report the offering.
Coney Island Portfolio Listing [Massey Knakal]
Image via Massey Knakal
I agree that there is limited appeal for such a weird assortment of lots. I’m guessing somebody collected these over years and years, thinking they could eventually buy the holdouts, and build some enormous project, but then they gave up.
Nevertheless, Coney Island Ave, noisy and ugly as it is, is decently located compared to the lively parts of Ditmas Park. This is right around the corner from Sycamore, the Farm, etc.
I could imagine a bunch of stuff springing up here, maybe a little noisier than Cortelyou road. How about a music venue? or a movie theater?
Agreed. It’s on the other side of CIA. Not Ditmas Park. Weird assemblage of properties. What would be the appeal for $40M since there are a bunch of holdouts squeezed between all those lots? I assume anyone who pays $40M or anywhere close for this package is going to have to pay a premium to buy anyone else out.